According to BlockBeats, Aperture Finance, an intent-focused solver network, has seen its total staked tokens exceed one million within three days of launching its staking functionality. Stakers can enjoy up to 50% APR returns and gain rights related to NFTs.

Aperture Finance combines AI with Intent to create a new type of chatbot supported by underlying Intent infrastructure. This chatbot allows users to 'state their goals' in natural language and leverage the solver network for better execution and pricing.

According to Foresight News, a cryptocurrency address starting with 0x9bec has fallen victim to a phishing attack. The address has been identified as the victim of the Fake_Phishing187019 attack, resulting in the loss of three LilPudgy Non-Fungible Tokens (NFTs).

According to Odaily, the monthly trading volume of the Non-Fungible Token (NFT) market on Ethereum has been on a downward trend since January. Even in January, the trading volume was significantly lower compared to the tens of billions of dollars traded monthly during the bull market period of 2021 and 2022. In May, the trading volume did not even exceed 500 million dollars.

Furthermore, data indicates that the daily average number of NFT traders on the Ethereum chain has fallen below 4,000 for the first time since June 2021. In February 2022, this figure had reached a peak of over 80,000, but it has been declining ever since. Although the number of users remained stable from June 2023 to February 2024, it began to slowly decrease thereafter.

Coinspeaker South Korean Retailers Begin Scaling Back NFT Operations

Top South Korean NFT retailers are shutting down their non-fungible token (NFT) platforms as the broader market cools down. Lotte Home Shopping has announced that it will shut down its NFT shop on July 2nd. Lotte Home, which is Lotte’s e-commerce arm, was launched in May 2022 as part of the company’s project to create a metaverse business.

Lotte’s NFT Shop differentiated itself from others when it used Korean won (KRW) as its transactional currency. This system was implemented to allow non-crypto users to access the platform. The company also released its own Bellygom NFT character and partnered with artists and brands like virtual influencer Lucy and the horror movie “The Witch: Part 2” to expand its NFT offerings.

Following the termination of its NFT shop service, Lotte Home Shopping will disengage itself from the NFT business as the remaining digital assets of the company, including Bellygom NFT, will be managed by Daehong Communications. According to a local news outlet, an official from Lotte Home stated:

“In order to streamline the NFT business, we will terminate the operation of our own NFT shop… Daehong Communications will operate the NFT business, including Veligom NFT, as the NFT project hub.”

Decline in NFT Trading Volume Prompts Strategic Shift

Lotte is not the only major South Korean retailer scaling back its NFT ambitions. Hyundai Department Store has also shut down its H.NFT electronic wallet service, which offers customers discounts and benefits. Meanwhile, Shinsegae, another South Korean retail store, has reduced the perks associated with its NFT-based loyalty program.

Large companies are terminating their NFT business due to declining NFT trading volume. According to data from Dune Analytics, the monthly NFT trading volume on leading marketplace OpenSea has plunged from a peak of $3.6 billion in February 2022 to just $41 million as of last month, a 99% drop. Aside from this, according to NonFungible.com’s market tracker, between January and December 2023, NFT’s sales volume dropped from 18,939 to 1,796.

Thus, with this decline in sales volume, industries are now refocusing their efforts on strengthening their core business areas rather than investing resources into NFT initiatives that have failed to gain traction. The exit of these prominent players represents a setback for the NFT market in South Korea, which had seen a flurry of activity from major brands just a year ago.

Cautious Optimism amid a Cooling NFT Market

As the hype around NFTs fades and trading activity plummets, South Korean retailers are pragmatically reassessing their strategic priorities and allocating resources accordingly. Despite the noise reduction and market value decline, some NFT holders are still optimistic about the future growth of digital assets.

According to research conducted by FastCompany, some NFT owners, like Jacob Jackson, a technology writer, remain hopeful in the bullish movement for NFTs. However, he agreed that not all his acquired digital assets had surged in price. He’s not in a hurry to offload any, as the market is still quiet, and as new buyers start entering the space, there is a chance for the older NFTs to start yielding profits.

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South Korean Retailers Begin Scaling Back NFT Operations

The crypto and memecoin bull market has finally faded, with all fingers now pointing to the non-fungible token market. In this article, we shall access on possibilities and catalysts required for the non-fungible token market to retest another bull run before the end of this year.

Will NFTs Retest Bull Run In 2024?

Michael Joseph Winkelmann, known professionally as Beeple, is a man of interest in the article as he was seen as the man behind the famous 2021 NFT Bull Run. Beeple is an American digital artist, graphic designer, and animator known for selling non-fungible token collections.

Beeple uses various media in his art to create comical, phantasmagoric artworks that make political and social commentary while using pop culture figures as references. Beeple has been creating art every single day since 2007. He has a huge following on X, formerly Twitter, nearing 800,000.

Beeple is believed to have single-handedly started the 2021 NFT bull run. In a June 11 blog post, Pix, a non-fungible token researcher, has tabled a special report linking Beeple as the man behind the 2021 NFT bull run. How did Beeple fuel the 2021 bull run, and can he save them again?

This is Beeple

He single-handedly started the 2021 NFT bullrun

Here's his story (and why he could save NFTs):

1/10 pic.twitter.com/wtbO7Moh8J

— Pix🔎 (@PixSorcerer) June 11, 2024

Mike Winkelman got his first crypto assets in 2018, holding some Ethereum and Bitcoin (BTC). But, for three years, he stayed a passive investor. In 2020, Beeple first learned about NFTs and quickly became one of the top-selling artists of NFTs. At the time, NFTs selling for $1 were soon reselling for $150,000 and $300,000.

The NFT bull market started when Beeple sold his Everydays: The First 5000 Days NFT collection for $69.3 million, attracting massive businesses, companies and institutions to the market. This gigantic NFT sale hit every major news outlet and served as the catalyst that started the great NFT bull of 2021.

But Can This Happen Again?

In 2021, before the United States general Election, Beeple sold another NFT collection for $6.6 million. In 2024, the United States residents are heading for another election. With election hype fueled by a crypto enthusiast, Donald Trump, and a more mature market, Beeple’s NFT artwork could resell for millions. This could set the stage for a new piece to break the $100 million mark.

Moreover, improving the usefulness of non-fungible tokens is a prominent forecast for the next NFT bull market. Earlier this year, Zion Market Research projected the non-fungible token market size to reach $217.07 billion by the end of 2032, growing at an annual growth rate of around 22.05% from 2024 to 2032.

Related NFT News:

Polygon Outperforms Bitcoin And Solana In Daily NFT Sales Volume – CryptoSlam

Funko Launches A New NFT Collection To Celebrate Batman’s 85th Anniversary

Google Searches For Bitcoin NFTs Spike To Record Highs – CoinGecko

The co-founder and chief technology officer at Untrading, Yale ReiSoleil, Jr., shared insights about the future of finance and blockchain technology in an exclusive interview with crypto.news.

At 16, ReiSoleil founded Untrading, a non-fungible token (NFT) and cryptocurrency trading platform that allows users to get future rewards on their sold assets. This is made possible through a technology outlined in an Ethereum Improvement Proposal called ERC-5173 — NFT Future Rewards (nFR), which he co-authored.

ReiSoleil says that his interest in coding and development stemmed from his love for video games, citing an interest in “discovering loopholes that would allow me to progress faster or unlock hidden features,” he says.

Here is the interview with the 17-year-old CTO of Untrading.

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Q: We’ve seen major NFT collections drop 90% in today’s market — are NFTs on the way out?

A: NFTs are currently experiencing a market correction, much like the broader crypto market. The 90% drop in some major collections is a reflection of the speculative frenzy that drove prices to unsustainable levels during the peak of the hype cycle. However, this correction does not signal the end of NFTs as a technology or as a valuable asset class.

It’s important to recognize that the NFTs most people refer to are the speculative, often copycat, lazy, and childish cartoons that have flooded the market in recent times. These unimaginative imitations of earlier, category-creating projects like Cyberpunks and CryptoKitties have largely relied on the “greater fool” effect, hoping to find buyers willing to pay even higher prices. The demise of these low-effort “collections” is unsurprising and arguably necessary for the market to mature.

However, the NFT framework itself holds immense potential beyond these speculative projects. As the market evolves, we can expect to see a shift towards NFTs that offer tangible benefits, real-world use cases, and long-term value propositions.

Q: “The true power of NFTs lies in their ability to drive the convergence of virtual and real-world assets, enabling new forms of ownership, provenance, and value creation.”

A: As the underlying blockchain technology and smart contract capabilities continue to improve, NFTs will play a significant role in various industries. From gaming and art to supply chain management and intellectual property rights, NFTs have the potential to revolutionize how we create, own, and trade assets in the digital age.

Moreover, NFTs offer a unique opportunity to properly realize the value of provenance in asset ownership. By providing an immutable and transparent record of an asset’s history, origin, and ownership, NFTs can unlock new value streams and create more equitable marketplaces for creators and owners alike.

In conclusion, while the recent price drops in speculative NFT collections may seem alarming, they are a necessary step in the market’s maturation process. The demise of unimaginative copycat projects clears the way for the emergence of more sustainable and value-driven NFT ecosystems. As technology advances and awareness grows, NFTs are poised to play a significant role in shaping the future of asset ownership and value creation across the virtual and real world.

Q: How do you see the future of blockchain technology for mainstream use by 2030?

A: This is a tricky question as we will definitely see drastic changes in the coming years. Just look back 6–7 years and see how antiquated everything looked back then. This tech moves extremely fast, and any projections will most likely be absurd when looking in hindsight.

However, if I were to make some, I believe that the major improvement we should see is a drastically better User experience (UX) and onboarding. It is foolish to expect any person interested in using the blockchain to have to learn several complex concepts and navigate a minefield that could easily result in loss of funds/mistakes if not careful.

The current complexities surrounding this tech greatly hinder its mass adoption. However, it is still important for users to have control over their own keys and funds, and this is where Externally Owned Accounts (EOAs) and Account Abstraction will shine. Only once we have achieved ease of usage can we see a massive increase in usage, which would, in turn, make more people interested and lead to more innovation. It is a great positive feedback loop.

Read more: The crypto industry is going forward and onward amidst mixed signals | Opinion

#NFT $$$$$SOL

Kalao (KLO) is positioning itself within the NFT space on the Avalanche (AVAX) blockchain by incorporating virtual reality (VR) into its environment. It has a Virtual Reality showroom and DeFi elements integrated within its NFT marketplace. Likewise, RUNE is also used to pair tokens with other assets in the platform’s liquidity pool, making them more valuable and useful. 

These innovations make Kalao one of the leading firms in technological advancement in digital asset trading. Like 5thScape, Kalao is breaking barriers by integrating new-age technologies with the blockchain concept to target tech enthusiasts and increase the adoption of NFTs and VR in the crypto sphere.

5thScape Vs. Kalao Vs. Rune: A Detailed Review 

Click here to know more about 5thScape! 

Various factors make 5thScape, Kalao, and Rune different. Let us understand their comparative analysis before claiming for a coin to lead the list. 

Technological Innovation

5thScape excels as a premier gaming Metaverse, delivering an immersive VR experience with captivating 3D games. Its proprietary VR hardware enhances immersion, including a state-of-the-art headset and ergonomic motion chair.

Moreover, 5thScape’s comprehensive approach combines immersive VR experiences, proprietary hardware, and a strong community around its native token, 5SCAPE. This positions it as a leader in the gaming arena, boosting player immersion and satisfaction¹.

In contrast, Kalao positions itself within the NFT space by incorporating VR into its environment. It features a Virtual Reality showroom and DeFi elements integrated within its NFT marketplace.

Like 5thScape, Kalao aims to increase NFT and VR adoption by integrating new-age technologies with blockchain concepts.

Besides, Rune pairs tokens with other assets in its liquidity pool, enhancing their value and utility. While Kalao and Rune offer unique innovations, 5thScape’s dedicated VR/AR technology sets it apart as a front-runner in this competitive space. Its integrated ecosystem and commitment to player satisfaction position it for future success. 

User Engagement 

5thScape boasts an active and passionate community. Their engagement contributes to the platform’s growth and development. The substantial presale of $6.1 million in its first phase indicates investor confidence and interest in 5thScape’s vision and potential.

Kalao’s VR and DeFi elements integration has attracted users interested in NFTs. Its growing user base reflects its appeal within the crypto community.

Rune’s role in pairing tokens with other assets in liquidity pools enhances its value proposition.

While Kalao and Rune are making strides, 5thScape’s presale success and active community position it as a leader in market adoption. Its dedicated user base and innovative approach set it apart.

Financial Performance 

5thScape successfully raised $6.1 million in its presale. This substantial amount reflects investor confidence and provides a solid foundation for its growth. Moreover, analysts also suggest that early 5thScape investors would yield 600x profits by 2025. 

Besides, Kalao has received financial backing and investment within the NFT market. This support contributes to its development and expansion.

Rune’s financial performance is closely tied to the success of its liquidity pools.

While Kalao and Rune show promise, 5thScape’s impressive presale funding underscores its strong market position. The substantial investment signals trust in its vision and potential.

Ecosystem and Partnerships

5thScape aims to become a fully integrated VR ecosystem where developers and architects collaborate to create alternative realities. It offers immersive games, a VR headset, and an ergonomically perfected chair. It is actively exploring partnerships within the VR industry. These alliances could enhance its ecosystem, drive adoption, and foster innovation.

Besides, Kalao has established partnerships within the Avalanche blockchain community. These collaborations contribute to its growth and ecosystem development. It is also involved in collaborations related to NFTs (non-fungible tokens) and DeFi (decentralized finance). These sectors play a crucial role in shaping its ecosystem.

In contrast, Rune focuses on partnerships that enhance liquidity and utility. By connecting with other projects and platforms, it aims to create a robust ecosystem for its users.

While Kalao and Rune have their strengths, 5thScape stands out due to its comprehensive VR ecosystem. It offers gaming experiences and envisions a decentralized marketplace for developers and content creators, streaming opportunities, and a robust tokenomics system powered by the 5SCAPE token. 

The potential strategic partnerships within the VR industry give 5thScape a competitive edge, positioning it as a leader in the immersive reality space.

Future Prospects 

5thScape has ambitious plans to release several VR games, including titles like “Cage Conquest” and “Epic Cricket Arena.” These games are expected to drive demand for the 5SCAPE token.

Beyond gaming, 5thScape envisions a developer marketplace for VR content, set to launch in 2025. This marketplace will enhance the ecosystem’s value and foster innovation within the VR space.

Besides, Kalao’s future growth lies in its NFT and VR integration efforts. As these sectors evolve, Kalao aims to position itself strategically within the blockchain community.

Rune focuses on enhancing liquidity and utility. Its partnerships aim to create a robust ecosystem for users.

While Kalao and Rune have their merits, 5thScape stands out due to its comprehensive vision for VR/AR gaming. Beyond games, it plans to develop its own VR headset and gaming chair, positioning itself as a future powerhouse in the immersive reality market.

The Final Verdict 

5thScape emerges as the front-runner  among its competitors due to its comprehensive and immersive approach to VR/AR gaming. 

While Kalao and Rune make significant strides in the NFT and liquidity, 5thScape’s proprietary VR hardware, extensive gaming ecosystem, and strong community support position it as a future powerhouse. 

This holistic integration of technology, user engagement, and financial backing firmly establishes 5thScape as the leader in the competitive landscape of VR/AR gaming.

Animoca Brands Japan, the strategic subsidiary of Animoca Brands, announced that on June 18 there will be the launch of its NFT launchpad Sorah. The platform will serve to support projects and creators in the sale of their Non-Fungible Tokens. 

Animoca Brands Japan and the launch of the new Sorah NFT launchpad

Animoca Brands Japan, the strategic subsidiary of Animoca Brands, will launch on June 18 its new NFT launchpad, called Sorah. 

SORAH by Animoca Brands Japan
6月18日より提供開始

第1弾として@San_FranTokyoと@TheSandboxGameのNFTを販売#SORAH #animocabrands #アニモカブランズhttps://t.co/savTMpitqD

— Animoca Brands Japan (@Animocabrandskk) June 12, 2024

In practice, Sorah will be a launch platform for NFTs that supports projects and creators in selling their Non-Fungible Tokens. 

Specifically, the launchpad by Animoca Brands Japan aims to provide sales opportunities and multifaceted support for sales and marketing strategies for the NFT projects that will be selected. 

At stake, there will also be a loyalty program like an NFT that will allow users to receive various benefits. 

Thanks to Sorah’s new platform, Animoca Brands Japan aims to become a Web3 portal that better connects Japan with the global community. In fact, among the various objectives is the promotion of Japanese IPs (such as manga and anime) worldwide, also developing content in Japan that generates global interest.

Animoca Brands Japan and the new NFT launchpad Sorah: the inaugural sales

As anticipated, the launch of Sorah will take place on June 18. On this occasion, there will be several inaugural sales such as the San FranTokyo PFP NFT collection “San FranTokyo Visions”, as well as the “Captain Tsubasa Team Collection” and the “SHIBUYA109 FASHION COLLECTION” for The Sandbox.

Specifically, the collection San FranTokyo Visions, sees the sale of 50 NFT at the price of 0.085 ETH each. To give an idea of the project, the description talks about San FranTokyo as an imaginary city that brings together IP and brands, focusing on anime, manga, and pop culture fandom. 

Another collection is then Team Captain Tsubasa of 100 NFT, which will be sold at the price of 60 MATIC each. Here, one is faced with a collection of avatars from The Sandbox of the immortal masterpiece Captain Tsubasa, consisting of a total of 2,060 avatars that include avatars wearing the famous uniforms of Nankatsu Junior High School and Toho Gakuen Junior High School.

And then, still on Sorah, there will also be the inaugural sale of the SHIBUYA109 FASHION COLLECTION, 100 NFT at the price of 60 MATIC each. Published on The Sandbox, here the 2060 total avatars incorporate Japanese trends and culture. 

The holders of this collection will be able to use their avatars to have fun with fashion-themed minigames and play with a series of experiential content that will be available in the metaverse of The Sandbox.

In general, the NFT launchpad of Animoca Brands Japan, Sorah, is supported by the Ethereum and Polygon chains. Not only that, to maintain a limit, the sales of its NFTs are not available to residents of the United States, the United Kingdom, countries subject to sanctions, and other restricted jurisdictions.

The 20 million dollar funding in the metaverse of The Sandbox

Recently, another division of Animoca Brands has also made headlines. It is the decentralized metaverse of The Sandbox which would have obtained a funding of 20 million dollars, thus reaching a maximum valuation of 1 billion dollars. 

The objective is to further develop the creators’ economy within an open metaverse. 

The financing was led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures. 

The post XRP Price Prediction 2024 – Pepe’s Momentum Dips; RECQ Explodes, Becoming a Top Choice appeared first on Coinpedia Fintech News

XRP aims for $1 in the year’s second half despite underwhelming performance.

Pepe takes a breather following jaw-dropping rallies.

Rebel Satoshi Arcade appeals to investors and enthusiasts thanks to its convergence with memes, GameFi and NFTs.

The crypto market has been a whirlwind of highs and lows, with prices fluctuating like unstable weather. Nevertheless, there have been exciting developments: the recent migration of PayPal USD to Solana and the approval of ETH ETFs by the SEC. With the second half of the year promising even more gains, Ripple (XRP) is one of the altcoins to watch out for. Meanwhile, Pepe’s (PEPE) momentum declined following its significant price surge—a much-needed breather.

Also riding the market’s bullish wave is Rebel Satoshi Arcade (RECQ), which is skyrocketing in presale. Its performance has been nothing short of remarkable, soaring past most new ICOs. As it prepares to explode after its market debut, it is quickly becoming an investor favorite.

Rebel Satoshi Arcade (RECQ): An Investor’s Top Choice

Rebel Satoshi Arcade (RECQ) is a top ICO, standing out for several reasons in the investment town. As an emerging altcoin, it boasts more potential than established cryptos like XRP and Pepe, making it a top choice among investors.

At the same time, it represents the best of the worlds of NFTs, GameFi and memes, contributing immensely to its appeal. Standing at the crossroads between the hottest crypto trends, its outlook couldn’t be more bullish. In the second stage of the ICO, a token costs only $0.0044, with experts suggesting a 50x rally post-launch.

Further, the community-driven ecosystem makes it stand out even more. It will include an NFT marketplace, a merchandise store and, most importantly, an arcade of thrilling games—a gamer paradise. There will be something for every gamer, from free-to-play (F2) to pay-to-play (P2P) and play-to-earn (P2E) battles and classic games.

Ripple (XRP): Bullish Outlook

Ripple (XRP), one of the top altcoins, has been in a year-long slump. Despite the approval of spot BTC ETFs in January, it has been largely underwhelming—crawling while most altcoins flew. However, with its long-running legal battle with the US SEC fast approaching its end, its outlook is less gloomy.

Analysts anticipate a rally past $1.00 in the second half of the year, making XRP a promising wave not to miss out on. Crossing this psychological level will no doubt boost investors’ confidence, pushing it closer to it’s all-time high (ATH) of $3.84.

At the same time, its long-running legal standoff with Wall Street’s top guy coming to an end will pave the way for an ETF. With Ethereum marking a historic feat following the green light from the SEC, XRP is on the list of altcoins to be wrapped in an exchange-traded fund.

Pepe (PEPE): Momentum Takes a Dip

Pepe (PEPE), one of the leading ETH memecoins, sparked excitement with its jaw-dropping performance in May. It saw significant gains, riding the wave of excitement around the Ethereum blockchain and sparking a wave of Pepe copycat memecoins.

Its remarkable run—the several Pepe ATHs—remains fresh in the minds of many. However, there has been a dip in momentum as investors took profit. Additionally, the overall market dip has also played a part in its recent downturn, not to mention the intense competition from president memecoins and celebrity memecoins.

Nevertheless, the outlook for the rest of the years remains bullish, positioning Pepe as an altcoin worth HODLing. Its low price—and budget-friendliness—further add to its appeal as a retail favourite.

Conclusion

Despite its underwhelming performance this year, XRP’s outlook in the year’s second half is promising. Meanwhile, Pepe trades on the downside amid profit-taking and the overall market’s downturn, while Rebel Satoshi Arcade explodes in presale.

For the latest updates and more information, be sure to visit the official Rebel Satoshi Website or contact Rebel Red via Telegram.

South Korea’s top financial regulator has issued guidelines clarifying when non-fungible tokens (NFTs) are considered virtual assets. 

This distinction aims to minimize the risk of widespread user harm. The guidelines will be part of the Virtual Asset User Protection Act, effective July 19, 2024.

FSC Issues New NFT Classification Guidelines

On Monday, South Korea’s top financial regulator, the Financial Services Commission (FSC), released detailed guidelines clarifying when non-fungible tokens (NFTs) are considered virtual assets.

The FSC explained that NFTs are issued in limited quantities and traded primarily for collecting content such as videos and images. 

As a result, they are typically held by a small number of individuals with restricted secondary market transactions. 

These characteristics lead the regulator to view the risk of widespread user harm as minimal, distinguishing NFTs from other virtual assets.

According to the FSC, NFTs are excluded from being classified as virtual assets under the Enforcement Decree if they are mainly intended for collection, facilitate transactions between parties, or are unique and irreplaceable. 

Examples of such NFTs include proof of authenticity tokens in the art market, property transaction records, and supply chain verification tokens. 

However, the FSC noted that if an NFT effectively functions as a virtual asset, the provisions of the “Virtual Asset User Protection Act” and other relevant regulations will apply.

The FSC enacted the Enforcement Decree to specify the details of the Virtual Asset User Protection Act, promulgated on July 18, 2023, and scheduled to take effect on July 19, 2024. 

The act aims to safeguard virtual asset users and establish market order. Key measures include defining virtual assets, requiring safe storage of users’ deposits and virtual assets, and imposing penalties for unfair trading practices. 

The enforcement decree details exclusions from the virtual asset category, management of user deposits, mandatory use of cold wallets for asset storage, and insurance or reserve requirements for incident liability.

The FSC emphasized that the legal classification of NFTs must be judged on a case-by-case basis, considering the substance rather than the name or technology. 

Factors such as issuance and distribution structure, terms and conditions, advertising, and business and service contents should be thoroughly evaluated by those intending to issue, distribute, or handle NFTs.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Circle has expanded its Web3 Services, adding support for Solana, the company said in an announcement.

Circle’s Web3 Services empower businesses and developers looking to launch on-chain apps. To bring these benefits to Solana, Circle is launching its Programmable Wallets and gas stations on the network.

“With this initial launch of Circle’s Programmable Wallets supporting the Solana ecosystem, we’re excited to empower Solana developers to build innovative applications that are secure, scalable, fast, and cost efficient,” Circle noted.

Integration will be in two phases

Circle plans to enable the integration in two phases, starting with support for Programmable Wallets and Gas Station. The platform’s APIs and SDKs will allow developers to build and scale applications with fungible token transfers and capacity to sponsor end user transaction fees.

The next phase of the integration will see developers benefit from support for non-fungible tokens (NFTs) and Smart Contract Platform interactions. Updates will also allow for additional use cases, including NFT integration in gaming and for brand loyalty.

Currently, Circle’s Programmable Wallets are enabled for Ethereum, Polygon PoS, and Avalanche. Solana is the latest blockchain integration.

Solana’s network growth

Circle’s expansion of its Web3 Services to Solana is only the latest collaboration that aims to strengthen the blockchain platform.

The company also offers native USDC and EURC integration on Solana, and enabled its Cross-Chain Transfer Protocol (CCTP) on the network in March.

Solana has also seen major partnerships and integrations with other ecosystem players. Recently, Squads Labs announced Solana’s first smart wallet Fuse, unveiling a public TestFlight for iOS.

In late May, payments giant PayPal expanded native availability of its stablecoin PayPal USD (PYUSD) to Solana.

PayPal noted that the integration is key to enhancing commerce across the globe, with users benefitting from transaction speed and low costs.